Kandi Technologies Group Inc. said its normalized net income for the second quarter was 7 cents per share, a decline of 21.9% from 9 cents per share in the year-earlier period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $3.2 million, a decline of 20.8% from $4.1 million in the year-earlier period.
The normalized profit margin dropped to 5.9% from 8.5% in the year-earlier period.
Total revenue grew 15.1% on an annual basis to $55.2 million from $48.0 million, and total operating expenses rose 25.3% from the prior-year period to $57.6 million from $46.0 million.
Reported net income decreased 49.2% year over year to $2.9 million, or 6 cents per share, from $5.6 million, or 12 cents per share.